II 

118TH CONGRESS 

2D SESSION S. 3928 

To increase the supply of affordable homes and expand housing options. 

IN THE SENATE OF THE UNITED STATES 

MARCH 12, 2024 

Mr. BROWN introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To increase the supply of affordable homes and expand 

housing options. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Housing Supply Fund 

5 Act of 2024’’. 

6 SEC. 2. HOUSING SUPPLY FUND. 

7 (a) DEFINITIONS.—In this section: 

8 (1) CDFI FUND.—The term ‘‘CDFI Fund’’ 

9 means the Community Development Financial Insti10 tutions Fund established under section 104(a) of the 


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1 Community Development Banking and Financial In2 stitutions Act of 1994 (12 U.S.C. 4703(a)). 

3 (2) COMMUNITY DEVELOPMENT FINANCIAL IN4 STITUTION.—The term ‘‘community development fi5 nancial institution’’ has the meaning given the term 

6 in section 103 of the Community Development 

7 Banking and Financial Institutions Act of 1994 (12 

8 U.S.C. 4702). 

9 (3) ELIGIBLE GRANTEE.—The term ‘‘eligible 

10 grantee’’ means— 

11 (A) a community development financial in12 stitution certified by the CDFI Fund; 

13 (B) a nonprofit organization having as one 

14 of its principal purposes the creation, develop15 ment, or preservation of affordable housing, in16 cluding a subsidiary of a housing finance agen17 cy or public housing agency; or 

18 (C) a consortium of entities described in 

19 subparagraphs (A) and (B). 

20 (4) PUBLIC HOUSING AGENCY.—The term 

21 ‘‘public housing agency’’ has the meaning given the 

22 term in section 3(b)(6) of the United States Hous23 ing Act of 1937 (42 U.S.C. 1437a(b)(6)). 

24 (5) SECRETARY.—The term ‘‘Secretary’’ means 

25 the Secretary of the Treasury. 


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1 (b) ESTABLISHMENT.—The Secretary shall establish 

2 within the CDFI Fund a Housing Supply Fund to make 

3 competitive grants to eligible grantees for the purpose 

4 of— 

5 (1) increasing investment in the development, 

6 preservation, rehabilitation, financing, or purchase 

7 of affordable housing primarily for— 

8 (A) low-, very low-, and extremely low-in9 come families who are renters; and 

10 (B) homeowners with incomes of not more 

11 than 120 percent of the area median income; 

12 and 

13 (2) supporting investment in economic develop14 ment and community service facilities related to 

15 housing described in paragraph (1). 

16 (c) ELIGIBLE USES.—An eligible grantee may use 

17 amounts awarded from the Housing Supply Fund under 

18 this section for activities that shall— 

19 (1) be reasonably expected to result in eligible 

20 affordable housing activities that support or sustain 

21 affordable housing funded by a grant under this sec22 tion and capital from other public and private 

23 sources; 

24 (2) be used for the purposes described in sub25 section (b), including for— 


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1 (A) providing loan loss reserves; 

2 (B) capitalizing a revolving loan fund; 

3 (C) capitalizing an affordable housing fund 

4 for development, preservation, rehabilitation, or 

5 financing of, or purchase of property for, af6 fordable housing and related economic develop7 ment activities, including community service fa8 cilities; 

9 (D) capitalizing an affordable housing 

10 mortgage fund to facilitate the origination of 

11 mortgages to buyers that may experience sig12 nificant barriers to accessing affordable mort13 gage credit, including mortgages having low 

14 original principal obligations; 

15 (E) providing risk-sharing loans; 

16 (F) providing loan guarantees; and 

17 (3) through funds used for eligible uses de18 scribed in paragraph (2), facilitate eligible activities 

19 that fulfill the purposes described in subsection (b), 

20 including— 

21 (A) activities for the acquisition and con22 version of existing commercial properties to af23 fordable housing and related economic develop24 ment and community service facilities; 


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1 (B) activities to acquire residential, indus2 trial, or commercial property and land for the 

3 purpose of the preservation, development, or re4 habilitation of affordable housing, including ac5 tivities to support the creation, preservation, or 

6 rehabilitation of resident-owned manufactured 

7 housing communities; and 

8 (C) mixed-use or transit-oriented develop9 ment projects. 

10 (d) FEDERAL ASSISTANCE.—For purposes of the ap11 plication of Federal civil rights laws, all assistance pro12 vided using amounts in the Housing Supply Fund shall 

13 be considered Federal financial assistance. 

14 (e) APPLICATIONS.— 

15 (1) IN GENERAL.—An eligible grantee desiring 

16 a grant under this section shall submit to the Sec17 retary an application at such time, in such manner, 

18 and containing such information as the Secretary 

19 may require. 

20 (2) CONTENT OF APPLICATION.—In addition to 

21 other information as may be required by the Sec22 retary under paragraph (1), an application for a 

23 grant under this section shall include a detailed de24 scription of— 

25 (A) the proposed use of grant funds; and 


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1 (B) the qualifications of the applicant to 

2 successfully administer a grant under this sec3 tion. 

4 (3) GEOGRAPHIC DIVERSITY.—The Secretary 

5 shall seek to fund activities under this section in 

6 geographically diverse areas, including urban, subur7 ban, rural, Tribal, and territorial areas. 

8 (f) IMPLEMENTATION.—The Secretary shall have the 

9 authority to issue such regulations as may be necessary 

10 to carry out this section. 

11 (g) APPROPRIATION.— 

12 (1) IN GENERAL.—In addition to amounts oth13 erwise available, there is appropriated, out of 

14 amounts in the Treasury not otherwise appropriated, 

15 for each of fiscal years 2024 through 2028, 

16 $500,000,000 to carry out this section. 

17 (2) COMMITMENT FOR USE DEADLINE.— 

18 (A) IN GENERAL.—Amounts made avail19 able for grants under this section shall be com20 mitted for use within 4 years of the date of the 

21 grant, except that the Secretary may waive or 

22 establish an alternative deadline as needed. 

23 (B) RECAPTURE.—The Secretary shall re24 capture into the Housing Supply Fund any 

25 amounts not so used or committed for use 


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1 under subparagraph (A) to provide grants 

2 under this section in a subsequent funding 

3 round. 

4 (3) ADMINISTRATION.—Of the total amount 

5 made available to carry out this section, not more 

6 than 5 percent may be used for administrative ex7 penses of the Secretary. 

8 (4) EMERGENCY DESIGNATION.— 

9 (A) IN GENERAL.—The amounts provided 

10 by this Act are designated as an emergency re11 quirement pursuant to section 4(g) of the Stat12 utory Pay-As-You-Go Act of 2010 (2 U.S.C. 

13 933(g)). 

14 (B) DESIGNATION IN HOUSE AND SEN15 ATE.—This Act is designated as being for an 

16 emergency requirement pursuant to section 

17 4001(a)(1) of S. Con. Res. 14 (117th Con18 gress), the concurrent resolution on the budget 

19 for fiscal year 2022, and section 1(e) of H. Res. 

20 1151 (117th Congress), as engrossed in the 

21 House of Representatives on June 8, 2022. 

Æ 


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